You lose all of the control and these are long term investments - but in my experience the returns match what I had on the active real estate and I am hiring professionals to manage the assets.  

We all don't care how much Apple profits on our iPhone... what really matters is the product or value we get or in this terms the ROI on our principal.The fees can be broken down in the three main fees (so you might have to combine some of the above fees under one of the categories below):Acquisition fee (paid % of the asset price) - normally 1-3%Asset management (paid % of the income the asset produces) - normally 1-3%Distribution or exit fee (paid % of the sold asset price) - normally 1-3%Development fees (this is present in development deals) - exampleNOTE: Just because these fees are high or the split structure has too much going to the GP does not disqualify it.

Terms are not going to be super aggressive due to the fact that the rehab amount is larger than the purchase price though.

A deal this small wouldn’t make sense as a partnership unless the original intent was to scale and grow together assuming this deal works out.In regard to the financing, if you can’t get it on your own without someone else’s balance sheet and income then it would be very difficult to untangle that partnership since he’d be a personal guarantor right along side you.  

Short-term stays tend to bring higher revenue, but long-term rentals can provide stability.If the area gets strong tourist traffic, STRs could be a great fit.

My short term goal(s) in the next few years are to have 4-5 properties (long term), as well as a multi family home.

I have a long term rental in putnam county.

Although most of them are longer-term tenants, I just had a midterm in my guest bedroom.

Long term capital gains= 20%3.

This one will cash flow a little when we move out but it was a bit more of a long term play for us (5-10) years, so we need the time to make it worth it.